An Insured Retirement Institute survey results of same-sex couples’ retirement planning attitudes and behaviors since the Supreme Court overturned the federal Defense of Marriage Act (DOMA), found that 86 percent of couples said they need assistance with some aspect of financial planning. And nearly two-thirds of respondents do not have a financial planner.
“This change, essentially overnight, altered the retirement planning landscape for these couples,” said Cathy Weatherford, IRI president and CEO. “These events will lead numerous couples to seek the assistance of a financial professional to help navigate both changes to personal circumstances and the application of federal law.”
As a result of the Supreme Court’s decision, 46 percent of unmarried same-sex couples plan to marry, and six in 10 same-sex couples in civil partnerships plan to marry.
Retirement planning is the main area in which same-sex couples require financial assistance, with about half of survey respondents indicating they need help in this area.
Nearly nine in 10 have money saved for retirement, and 78 percent have added to their retirement savings during the past year.
However, seven in 10 lack full confidence they have sufficient savings to live comfortably in retirement.
About a quarter of same-sex couples are not sure when they will retire, and 40 percent do not know how much they need to save in order to live comfortably in retirement.
Respondents overwhelmingly said that the financial services industry can best serve them by treating them like anyone else.
The IRI research report is based on a survey of 504 lesbian and gay adults who are either married, not-married/living together, civil partners, engaged or separated. Respondents reside in jurisdictions that allow same-sex marriages.